Published by mark itwired
Posted on September 20, 2021
4 min readLast updated: February 5, 2026
Wearable therapeutic devices lead the market, driven by chronic diseases and tech advances. FMI projects over 7% CAGR growth from 2021 to 2031.
ESOMAR-certified consulting firm Future Market Insights’ report has projected the global wearable medical devices market to grow at a healthy CAGR between 2021 and 2031. Rising prevalence of diabetes and cardiovascular disease have been fuelling the demand of wearable devices across the globe.
Innovations in biopharmaceutical industry and rising prevalence of chronic diseases such as diabetes are favoring the market growth. Surging consumer demand for health and fitness solutions and technological developments in the medical field are major factors bolstering the demand for wearable therapeutic medical devices.
Integration of artificial intelligence with the smartphones and wearable medical devices have increased the adoption, furthering the demand. Burgeoning cases of diabetes across the glove have improved the adoption of glucose monitoring devices, especially among the geriatric population.
Also, due to the penetration of online platforms and increasing awareness about health, the demand for home healthcare wearable medical devices have increased exponentially. Furthermore, increasing expenditure in the healthcare industry across countries such as India, US, China, and UK have propelled the market demand.
According to the latest insights of Future Market Insights, the global wearable devices market is poised to expand at over 7% CAGR throughout the forecast period of 2021 and 2031.
“Growing demand for portable and advanced medical devices to monitor the glucose level and heart rate, due to the increasing cardiovascular diseases and diabetes cases, has been encouraging manufacturers to incorporate technologies such as artificial intelligence and Internet of Thinking (IoT). This will pave way for the expansion of the wearable devices market over the forecast period,” says the FMI analyst
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Key Takeaways
Competitive Landscape
Future Market Insights projects the market is moderately consolidated with the leading players focused on product innovation and new launches to maintain a strong foothold in the industry. Strategic mergers, collaborations and acquisition are some of the other few strategies to solidify their position in the industry.
In May 2021, Nemaura Medical Inc. announced the purchase of 5000 sugarBEAT transmitters and 200,000 sugarBEAT sensors from a leading company in UK, DB Ethitronix Ltd., that launched sugarBEAT non-invasive daily wear glucose monitoring device in UK.
Some of the prominent wearable medical devices manufacturers profiled by FMI are:
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More Insights on the Global Wearable medical devices Market
Future Market Insights, in its latest study, provides an unbiased analysis of the wearable medical devices market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the wearable medical devices market with a detailed segmentation on the basis of:
Product Type:
Application:
Distribution Channel
Region:
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Key Questions Covered in the Report
The post Demand for Wearable Therapeutic Devices Accounts for over 50% of Wearable Devices Market Share: FMI Study first appeared on Market Research Blog.
The article discusses the dominance of wearable therapeutic devices in the global market and their growth prospects.
Rising chronic diseases and technological advancements drive demand for wearable medical devices.
The US and China are leading due to increased healthcare spending and favorable policies.
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